Garco is considering replacing an old machine that is currently being used. The old machine is fully depreciated, but it can be used for another 5 years, at which time it would have no terminal value. Garco can sell the old machine for $78,000 on the date that the new machine is purchased. If the purchase occurs, the new machine will be acquired for a cash payment of $1,300,000. Because of the increased efficiency of the new machine, estimated annual cash savings of $390,000 would be generated during its useful life of 5 years. The new machine is not expected to have any terminal value. Required Garco requires investments to earn a 12% return. What is the net present value for replacing the old machine with the new machine? (Round answer to 0 decimal places.) Net Present Value $ $ What is the payback period for the new machine? (Round answer to 2 decimal places. Assuming the cash flows take place evenly throughout the year.) Payback Period years